TSCPIX Blog

Investor Interest in Self Storage Remains High

Institutions continue to invest in self-storage assets, paying high prices for properties and partnering on new developments.

“There’s been tremendous activity from high-end, institutional-level capital that is entering or attempting to enter the space,” says Brian Somoza, managing director with JLL Capital Markets. “That’s been driving a fair amount of acquisitions.”

Developers plan to open new self-storage properties totaling millions of square feet in 2018. New customers are expected to rent up most of this new space, keeping average occupancy rates high and property incomes strong. With fundamentally strong demand, institutional investors keep paying high prices for properties even though buyers may take longer to close deals and are buying less than they did in 2016.

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Article from National Real Estate Investor
By Bendix Anderson

*TSCPIX thanks the Otteau Valuation Group for providing the links to these articles.

NKF: Midsized deals in life sciences, tech highlight Q1 office leasing

A lease by a life sciences company in Morristown and a tech firm’s expansion in Hoboken were among New Jersey’s top office deals in the first quarter, as part of a market that saw availability inch downward to start the year.

Those are among the findings of a new report by Newmark Knight Frank, which noted that availability in the region improved slightly to 23.2 percent from 23.3 percent. That was driven by 123,415 square feet of positive absorption in northern and central New Jersey, thanks in part to activity in both the Morristown area and the Hudson waterfront.

“Several midsized deals generated positive momentum in the northern New Jersey office market, despite the fact that there were no blockbuster leases to ring in the new year,” Mark Russo, NKF’s research manager in the state, wrote in the report.

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Article from Real Estate NJ
By Joshua Burd

*TSCPIX thanks the Otteau Valuation Group for providing the links to these articles.

Repositioned office campus in Bridgewater sells for $46 million

An investment firm has sold a Bridgewater office campus for $46 million, nearly double the amount it paid for the property in 2015 before launching a series of upgrades.

The firm, American Real Estate Partners, announced this week that it had closed on the sale of CenterPointe at Bridgewater, a four-building, 331,354-square-foot campus on Route 22. Signature Acquisitions has acquired the property, which is 89 percent leased to tenants such as All State Insurance Co., Mass Mutual, ConvaTec and others.

The CBRE team of Jeff Dunne, Jeremy Neuer and Travis Langer represented American Real Estate Partners in the sale.

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Article from Real Estate NJ
By Joshua Burd

*TSCPIX thanks the Otteau Valuation Group for providing the links to these articles.

Kushner closes on $100 million deal for Hackensack apartments

Kushner Cos. has acquired a two-building, 360-unit apartment property in Hackensack for a reported $100 million, marking its latest multifamily purchase in New Jersey in recent years.

Brokers with HFF on Wednesday announced the sale of the property, located at 300 and 310 Prospect Ave., after marketing it on behalf of the seller. Known as Prospect Place, the property includes an 18-story high-rise with 157 units and a four-story midrise building with 203 units.

HFF did not disclose the sale price, but multiple reports said the property traded for $100 million. Published reports also identified Greystar as the seller.

The HFF team included Senior Managing Director Jose Cruz, Managing Director Kevin O’Hearn, Senior Directors Michael Oliver and Stephen Simonelli and Director Marc Duval.

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Article from Real Estate NJ
By Joshua Burd

*TSCPIX thanks the Otteau Valuation Group for providing the links to these articles.

Paramount plans fall opening for 37-unit Newark rental project

A developer is on track to deliver 37 new luxury apartments in Newark this fall, as part of its adaptive reuse of a historic commercial property in the downtown.

Paramount Assets announced Wednesday that construction had reached the midway point at what it calls William Flats, a project at 869 Broad St. The development is also slated to include 12,000 square feet of ground-floor retail space, for which the firm says it has strong activity.

“We set out to create a multifamily offering that complements its neighborhood and symbolizes the continuation of Newark’s revitalization,” said Paramount Assets’ Richard Dunn, senior vice president. “William Flats is a historically significant property that will be ideally suited to serve the lifestyle needs of anyone looking for outstanding mass transit access and a walkable neighborhood that offers shopping, culture and entertainment, recreation and nightlife opportunities.”

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Article from Real Estate NJ
By Joshua Burd

*TSCPIX thanks the Otteau Valuation Group for providing the links to these articles.
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